“was not an economist. So, in thinking about how to solve the problem, I decided to start with the big picture. The root cause of inflation in Brazil was really very simple: The government spent more than it earned. When the budget turned up a big deficit every year, as it inevitably did, the government printed more money to cover the difference. Any grade-school student knows, however, that you can’t just print endless amounts of cash without having something tangible to back it up.”